ConocoPhillips (NYSE: COP) is in the process of divesting $9.6 billion in assets this year, and analysts at Oppenheimer expect the company to successfully apply proceeds to help fund new projects and increased production.

"Divestiture proceeds should help fund current and new projects that will likely underpin 3%-5% annual production and margin growth targets over the next five years," said analyst Fadel Gheit. "COP expects production to bottom by mid-year as a result of divestitures, and then ramp up from new projects."

"We believe a successful implementation this growth strategy, coupled with the high dividend yield could lead to 20% multiple expansion and boost the stock above our price target. A favorable settlement regarding the confiscated oil and gas assets in Venezuela could also lift the stock closer to our price target," added Gheit.